Q4 2025 Groupon Inc Earnings Call Transcript
Key Points
- Groupon Inc (GRPN) achieved a milestone year in 2025, returning to both billings and revenue growth for the first time in a decade.
- Full-year global billings grew 7% to approximately $1.67 billion, with a second consecutive year of positive free cash flow.
- The core local marketplace, representing 90% of billings, grew double digits in both North America and International markets.
- Global active customers increased to 16.2 million, with North America local active customers growing by 12%.
- The company is shifting towards an AI-native operating model, with plans to make inventory discoverable and transactable by AI agents by mid-2026.
- Q4 performance did not meet expectations, with global billings, revenue, and adjusted EBITDA coming in below guidance.
- Enterprise channel deceleration in North America and underperformance in organic and owned marketing channels were significant issues.
- The pipeline for new enterprise merchants was weak, impacting growth in that segment.
- The travel category experienced negative momentum in Q4, and it is not a current focus for new product development.
- SG&A expenses were lower than expected in Q4 due to one-time benefits, and this level is not expected to be maintained.
Hello, and welcome to Groupon's fourth-quarter and full-year 2025 financial results conference call. On the call today are Chief Executive Officer, Dusan Senkypl; and Chief Financial Officer, Rana Kashyap. (Operator Instructions)
Today's call will be a question-and-answer session only. The company has posted earnings materials, including earnings commentary, on the company's Investor Relations website at investor.groupon.com. Today's conference call is being recorded.
Before we begin, Groupon would like to remind listeners that the following discussion and responses to your questions reflect management's views as of today, March 11, 2026, only and will include forward-looking statements. Actual results may differ materially from those expressed or implied in the company's forward-looking statements. Groupon undertakes no obligation to update these forward-looking statements as a result of new information or future events.
Additional information about risks and other factors that could potentially impact the company's financial results are included in its earnings press release
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